Entries by Hannah Wangui

Following are selected account balances from Penske Company and Stanza Corporation

March 13, 2020 in /by

Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018: Values below are for Penske and Stanza, respectively:  Revenues: $(700,000)  $(400,000) Cost of goods sold: 250,000    100,000 Depreciation expense: 150,000    200,000 Investment income: Not given    0   Dividends declared: 80,000    60,000   Retained earnings, 1/1/18: (600,000)   (200,000)  Current assets: 400,000    500,000   Copyrights: 900,000    400,000   Royalty agreements: 600,000    1,000,000   Investment in Stanza: Not given    0   Liabilities: (500,000)   (1,380,000)  Common stock: (600,000)($20 par)  (200,000)($10 par) […]

 

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Fill in depreciation expense in year 3

March 13, 2020 in /by

1. Fill in depreciation expense in year 3 under each depreciation method when residual value is $30,000 and useful life is 3 years: Depreciation method: Straight-line – Units-of-Output – Double-declining – 2. Fill in the book value at the end of year 1 under each depreciation method when residual value is $36,000 and useful life is 4 […]

 

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Journalize entries for the following related transactions

March 13, 2020 in /by

InstructionsJournalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. A.Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30.B.Paid the amount owed on the invoice within the discount period.C.Discovered that $9,000 of the merchandise purchased in (A) was defective […]

 

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What is the impact of the transaction on​ Rose?

March 13, 2020 in /by

Rose has a​ $20,000 basis in the​ 60% of the Parent Corporation stock that she owns. Parent Corporation owns a​ 70% interest in Child Corporation. Parent and Child have current and accumulated​ E&P balances of​ $25,000 and​ $40,000, respectively. In return for​ $15,000, Rose sells​ 10% of the Parent Corporation stock to Child Corporation. What is the impact of the transaction on​ Rose? A. […]

 

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